Oil gained as OPEC+ delivered smaller output hike than expected
Traders saw the move as a sign that several members are near production limits, reducing the group’s ability to lift supply further.
Oil prices rose on Monday after OPEC+ announced a smaller-than-expected output increase for November, easing fears of oversupply even as weak demand prospects capped gains.
Brent crude settled 94 cents higher, or 1.46%, at $65.47 a barrel.
WTI rose 81 cents, or 1.33%, to $61.69 a barrel.
The alliance will raise output by 137,000 barrels per day next month, matching October’s pace and undershooting expectations for a larger hike. Traders saw the move as a sign that several members are near production limits, reducing the group’s ability to lift supply further.
The decision followed weeks of discussion, with Russia backing a modest increase to protect prices while Saudi Arabia pushed for a bigger rise to defend market share. The restrained plan comes as Venezuelan exports rise, Kurdish flows via Turkey resume, and unsold Middle Eastern cargoes build for November loading — factors that could pressure prices in the coming weeks.
Saudi Arabia kept the official selling price of Arab Light crude to Asia unchanged, defying expectations for a small increase after regional premiums fell to a 22-month low.
Written: Aiman Haikal